We are pleased to announce that ERIC has secured an agreement with California’s “CalSavers” state retirement savings program similar to the Memorandum of Understanding we previously established with Illinois Secure Choice.
Companies in the state that provide a tax-qualified retirement savings plan are exempt from required participation in the CalSavers program. CalSavers currently uses federal Form 5500 filings and other available data to register companies that are exempt and encourages employers not included in available data to voluntarily register their exemption through the CalSavers portal. While this registration process is voluntary, CalSavers has begun to contact companies that have not yet registered themselves, urging them to do so.
Under our new agreement with CalSavers, ERIC member companies can avoid these communications by providing ERIC with the company names and FEIN information for all affiliates and subsidiaries operating within California. ERIC will then transfer this information to CalSavers, who will register all provided organizations as exempt in their system.
You can find a one-pager outlining ERIC’s current agreements with state retirement savings programs on our website, or by clicking here.
If you have any questions about ERIC’s agreement with CalSavers, or would like to make use of the new registration process, please contact Dillon Clair.
Article by Aliya Robinson, Senior Vice President of Retirement and Compensation Policy